Jacob and Joseph are partners with capital balances of P1,600,000 and P2,400,000respectively. They share profits and losses in a ratio of 2 : 3.Jacob and Joseph agreed to accept Joshua into the partnership by investingP1,000,000 cash for a one-fifth interest in the partnership. Joshua's capitalbalance will be1.P1,000,000P 900,000'P 800,000P 700,000Not given2. Jacob and Joseph agreed to accept Joshua into the partnership by investingP1,000,000 cash for a one-fifth interest in the partnership. Jacob's capitalbalance will beP2,400,000P2,000,000P1,600,000P1,000,000Not given3. Jacob and Joseph agreed to accept Joshua into the partnership by investingP1,000,000 cash for a one-fourth interest in the partnership. Joshua's capitalbalance will beP2,250,000P2,000,000P1,500,000P1,250,000Not given 1. Jacob landbalance will bea. P2,250,000b. P2,000,000c. P1,500,000d. PI,250,000e. Not givenJasper and Jethro are partners who share profits and losses 2: 1.balances are P500,000 and P250,000. respectively. The assets and liabilitiaTheir capitalrecorded and presented at their respective fair values.5. Justin is to be admitted as a new partner with a 25% capital interest and a a5share of profits and losses in exchange for a cash contribution. No bonus isrecorded. How much cash should Justin contribute?a. P350,000b. Р300,000c. P250,000d. P200,000e. Not given6. Justin is to be admitted as a new partner with a 20% capital interest and a 20%share of profits and losses in exchange for a cash contribution. No bonus is to berecorded. How mùch cash should Justin contribute?a. P200,000b. P187,500c. P178,500d. P287,500e. Not given7. After the admission of Justin as a new partner with a 20% interest and 2076of profits, what is the percentage share.of Jasper in the profits and lossesa. 54.3 %b. 53.3 %с. 27.6%d. 20.0%e. Not given

LET'S UNDERSTAND THE BASICS Partnership is the the agreement between two or more partner to manage…

acos and Joseph are partners with capital balances of P1,600,000 and P2,400,000 respectively. They share profits and losses in a ratio of 2 : 3. 1. Jacob and Joseph agreed to accept Joshua into the partnership by investing P1,000,000 cash for a one-fifth interest in the partnership. Joshua's capital balance will be P1,000,000 P 900,000 'P 800,000 P 700,000 Not given 2. Jacob and Joseph agreed to accept Joshua into the partnership by investing P1,000,000 cash for a one-fifth interest in the partnership. Jacob’s capital balance will be P2,400,000 P2,000,000 P1,600,000 P1,000,000 Not given 3. Jacob and Joseph agreed to accept Joshua into the partnership by investing P1,000,000 cash for a one-fourth interest in the partnership. Joshua's capital balance will be P2,250,000 P2,000,000 P1,500,000 P1,250,000 Not given

acos and Joseph are partners with capital balances of P1,600,000 and P2,400,000 respectively. They share profits and losses in a ratio of 2 : 3. 1. Jacob and Joseph agreed to accept Joshua into the partnership by investing P1,000,000 cash for a one-fifth interest in the partnership. Joshua's capital balance will be P1,000,000 P 900,000 'P 800,000 P 700,000 Not given 2. Jacob and Joseph agreed to accept Joshua into the partnership by investing P1,000,000 cash for a one-fifth interest in the partnership. Jacob’s capital balance will be P2,400,000 P2,000,000 P1,600,000 P1,000,000 Not given 3. Jacob and Joseph agreed to accept Joshua into the partnership by investing P1,000,000 cash for a one-fourth interest in the partnership. Joshua's capital balance will be P2,250,000 P2,000,000 P1,500,000 P1,250,000 Not given

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 3EA: The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have...

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The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partners capital account. Tatums capital account balance is $50,000 and Brooks is $60,000.
Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at 50%. Chris contributes $60,000 to the partnership for a 1/3 share. What amount should the partnership record as an individual bonus to each of the old partners? A. $10,000 B. $7,000 C. $0 D. $5,000
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Juan contributes marketable securities to a partnership. The book value of the securities is $7,000 and they have a current market value of $10,000. What amount should the partnership record in Juans Capital account due to this contribution? A. $10,000 B. $7,000 C. $3,000 D. none of the above
Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at 50% each. Chris contributes $30,000 to the partnership for a 1/3 share. What amount should the partnership record as a bonus to Chris? A. $20,000 B. $15,000 C. $10.500 D. $5,000
Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at 50%. Chris contributes $30,000 to the partnership for a 1/3 share. What amount should Thandies capital balance in the partnership be? A. $60,000 B. $50,000 C. $45,000 D. $30,000
The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a $7,000 salary and Sue receives a $6,500 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $10,000 B. $5,000 C. ($12,000) In addition, show the resulting entries to each partners capital account.